BRUSSELS/FRANKFURT/PARIS (dpa-AFX) - European markets settled higher on Thursday with investors largely keeping an eye on the U.S.-China Summit in Beijing and closely following the developments in the United Kingdom, in addition to reacting to corporate earnings announcements.
Optimism about Artificial Intelligence and strong guidance by U.S. tech giant Cisco Systems contributed notably to the positive mood in the markets.
In the UK, leadership uncertainty increased after Wes Streeting resigned as Keir Starmer's health secretary, fuelling speculation about a possible challenge to the prime minister.
The Pan European Stoxx 600 climbed 0.76%. The U.K.'s FTSE 100 gained 0.46%, Germany's DAX jumped 1.32% and France's CAC 40 closed 0.93% up. Switzerland's SMI finished with a gain of 0.71%.
Among other markets in Europe, Austria, Belgium, Czech Republic, Denmark, Finland, Greece, Iceland, Ireland, Netherlands, Poland, Portugal, Spain and Türkiye closed higher.
Russia ended weak, while Norway and Sweden closed flat.
In the UK market, Legal & General climbed 6.16%. Imperial Brands and Admiral Group gained about 4% and 3.85%, respectively. British American Tobacco moved up 3.25% and Whitbread ended 3.04% up.
Marks & Spencer, Halma, Barclays, Compass Group, St. James's Place, DCC, JD Sports Fashion, Diploma, Standard Life and Airtel Africa gained 2.4%-3%.
Land Securities moved up sharply after forecasting further growth in rents after reporting full-year earnings in line with expectations. National Grid moved higher after reporting stronger than expected full-year earnings.
3i Group tanked 12.8% after the company said the Middle East conflict would hurt its main investment, Action.
Burberry Group ended nearly 7% down. The British fashion house reported a 2% drop in full-year reported revenue despite profitability recovering markedly.
Babcock International closed nearly 4% down. Tesco, Coca-Cola, Fresnillo, IAG, Pershing Square Holdings and Rio Tinto also ended notably lower.
In the German market, Infineon climbed 5.8% and SAP moved up 3.5%.
Siemens gained nearly 3% after the company said that it has agreed to buy the core business of Italian rail technology ?group MERMEC to strengthen its rail portfolio and gain market access ?to Italy
Volkswagen, Gea Group, Allianz and Rheinmetall gained 2%-2.7%. Adidas, Fresenius, Daimler Truck Holding, Brenntag, Commerzbank, Fresenius Medical Care, Deutsche Post, Munich RE and Beiersdorf also ended with strong gains.
BMW ended lower by more than 5%. Scout24 drifted down 2.7%, while E.ON and BASF dropped by about 1.7% and 1.1%, respectively.
In the French market, STMicroelectronics rallied more than 6%. Stellantis gained about 3.5% and Dassault Systemes moved up nearly 3%.
LVMH, AXA, EssilorLuxottica, Bouygues, Kering, Publicis Groupe, Societe Generale, Bureau Veritas, Accor, Vinci, Air Liquide and Schneider Electric gained 1%-2%.
In economic news, the UK economy grew at a faster pace in the first quarter, driven by contribution from all three sectors, the Office for National Statistics said Thursday.
Gross domestic product increased 0.6% sequentially, following the fourth quarter's 0.2% expansion. The rate came in line with expectations.
The service sector led growth with an 0.8% expansion, while construction and industrial output grew 0.4% and 0.2%, respectively.
In March alone, GDP grew at a pace of 0.3% after rising 0.4% in February, while economists' had forecast a contraction of 0.1%.
In 2025, GDP advanced 1.4% compared to 1% growth in 2024.
Another data from ONS showed that the visible trade deficit widened to GBP 27.2 billion in March from GBP 22.8 billion in February. Exports grew only 0.1%, while imports surged 8.1%.
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